How To Get Startup Funding For A Small Business

Summary

Noelle, a seasoned entrepreneur, shares her expertise on securing startup funding for small businesses in this informative video. She emphasizes the importance of establishing a legitimate business entity, obtaining an EIN, and setting up professional communication channels. Noelle reveals lesser-known funding sources like Accion and Five-Star Processing, which cater to startups and those with less-than-perfect credit. She also offers a free training course at noellesfreetraining.com to guide aspiring entrepreneurs through the process of gaining business funding and achieving success.

Takeaways

• 🚀 Starting a business requires initial funding to get the venture off the ground.
• 📝 Noelle's experience shows that transitioning from corporate to entrepreneurship can lead to significant benefits like time freedom and control over one's work.
• 🏢 Establishing a legitimate business setup is crucial for securing funding, including registering the business and obtaining an EIN number.
• 📞 Professionalism is key; having a professional phone number, email, and website can help in building credibility for your business.
• 💼 Building business credit in the company's name rather than relying on personal credit or savings is a strategic move for funding.
• 💰 Focusing on funding first can lead to more success than the majority of businesses that start without a clear financial plan.
• 🏦 Opening a business checking account can sometimes result in immediate offers of business credit cards, providing an immediate source of funding.
• 🔄 Regular deposits into the business checking account can attract lenders, showing that the business has revenue and is investing in itself.
• 🤝 There are lenders like Accion and Five-Star Processing that cater to startups and those with less-than-perfect credit, offering alternative funding options.
• 📈 Setting up business accounts with platforms like PayPal and Square can help establish a transaction history, which is attractive to potential lenders.
• 📚 Noelle offers a free training course that provides further guidance on starting a business, securing funding, and generating marketing and leads.

Q & A

What is the primary focus of the video script?

The video script focuses on providing a step-by-step guide on how to get startup funding for a small business, including insider tips and secret funding sources that are not banks.

Who is the speaker in the video script?

The speaker in the video script is Noelle, a real estate entrepreneur, mentor, and mom of 5, who has experience taking businesses from startup to multi-million dollar enterprises.

What are some of the benefits of becoming an entrepreneur according to Noelle?

According to Noelle, the benefits of becoming an entrepreneur include time freedom, the ability to own your own schedule, choosing your clients, and not being under someone else's control.

What is the first step Noelle suggests when starting a business and seeking funding?

The first step Noelle suggests is to focus on getting funding before diving into the business details. This includes considering where the funding will come from before quitting a job or fully committing to the business.

Why is it important to have a legitimate business setup according to the script?

A legitimate business setup is important because it makes it easier to secure funding. It involves registering the business, getting an EIN number, a professional phone number, email, and website, which helps build business credit.

What are some of the minimum requirements for a business to appear legitimate to potential lenders?

The minimum requirements include having a registered business name with the secretary of state, an EIN number, a professional phone number, a professional email, and a professional website.

What is the significance of having a business checking account in the context of the script?

A business checking account is significant because it can lead to offers of business credit cards and is a requirement for many lenders who want to see regular deposits and a history of transactions before lending money.

What are some of the 'secret' funding sources mentioned by Noelle for startups?

Noelle mentions Accion, a community development institution that funds small businesses and startups, and Five-Star Processing, which offers business credit for startups even with low credit scores.

What is the purpose of setting up a PayPal and Square business account according to the script?

Setting up a PayPal and Square business account helps in building a transaction history, which can be beneficial for securing loans from lenders who require evidence of business activity.

How can one access Noelle's free training on starting a business and getting funding?

One can access Noelle's free training by visiting noellesfreetraining.com, where she provides an hour-long course on the steps to start a business, find funding, and get free marketing and leads.

What is Noelle's advice on investing in one's own business before seeking external investment?

Noelle advises that most people will not invest in your business if you haven't invested in it first. It's important to show that your business is making money and that you are committed to its success.

Outlines

00:00

💼 How to Get Funding for Your Startup Business

The video begins by addressing aspiring entrepreneurs who are starting their business journey but lack funding. Noelle, the host, introduces herself as an experienced entrepreneur who has successfully scaled multiple businesses to multi-million dollar levels. She promises to share a step-by-step guide on how to obtain business funding, even for startups, and mentions that she will reveal three secret funding sources that are not banks. Noelle emphasizes the benefits of entrepreneurship, such as time freedom and choosing clients, and shares her personal journey from being a corporate employee to becoming a successful entrepreneur. She stresses the importance of focusing on securing funding early and setting up a legitimate business structure to attract funding. The key takeaway is to prioritize funding and establish a proper business setup to unlock financial support and build business credit.

05:05

💳 Hidden Funding Sources for Startups

The second part of the video provides actionable advice on how to show financial activity in a business checking account to attract lenders. Noelle advises entrepreneurs to regularly deposit money into their business accounts to demonstrate revenue and investment in their businesses. She reveals two specific funding sources for startups and those with poor credit: Accion, a community development institution that offers loans primarily to minorities, women, veterans, and disabled individuals, and Five-Star Processing, a company that provides merchant processing services and offers business credit with minimal credit requirements. Noelle encourages viewers to take advantage of these opportunities and directs them to her free online training for more detailed guidance on securing funding and growing their businesses.

Keywords

💡Startup funding

Startup funding refers to the initial capital required to start a new business. It is central to the video's theme as Noelle discusses various methods to secure this funding. In the script, Noelle emphasizes the importance of focusing on funding first to increase the chances of business success.

💡Entrepreneur

An entrepreneur is an individual who creates a new business, bearing the risks and rewards of the venture. Noelle identifies herself as an entrepreneur and uses her experience to guide viewers on the path to becoming one, highlighting the benefits such as time freedom and the ability to choose clients.

💡Business plan

A business plan is a formal statement of a set of business goals, the reasons they are believed attainable, and the plan for reaching those goals. Noelle mentions that while it's important to have a business plan, one should not solely focus on it but also consider funding sources.

💡Funding sources

Funding sources are the various options available for obtaining capital to start or grow a business. Noelle provides insider tips on where to find such sources, including non-traditional avenues like community development institutions and merchant processing companies.

💡LLC

LLC stands for Limited Liability Company, a popular business structure that combines the flexibility of a partnership or sole proprietorship with the limited liability protection of a corporation. Noelle advises registering a business with the secretary of state as an LLC or other entity to legitimize the business for funding purposes.

💡EIN number

An EIN, or Employer Identification Number, is a unique identifier issued by the IRS for tax purposes. Noelle mentions obtaining an EIN as part of setting up a legitimate business, which is crucial for building business credit and securing funding.

💡Business credit

Business credit is the creditworthiness of a business entity, separate from the owner's personal credit. Noelle explains that establishing business credit is key to securing funding without relying on personal credit or savings.

💡Angel investors

Angel investors are affluent individuals who provide capital to startups, usually in exchange for equity or convertible debt. Noelle mentions them as potential sources of funding for legitimate businesses with a proper setup.

💡Accion

Accion is a community development financial institution that provides funding to small businesses, including startups, with a focus on supporting minorities, women, veterans, and disabled individuals. It is one of the 'secret' funding sources Noelle reveals in the script.

💡Merchant processing

Merchant processing refers to the services that allow businesses to accept payments from customers via credit cards. Noelle mentions Five-Star Processing as a company that offers merchant processing services and can provide business credit to startups, even with low credit scores.

💡Noelle's free training

Noelle's free training is a resource she offers to educate viewers on how to start and grow a business successfully. It is a part of the video's call to action, where Noelle invites viewers to access additional training on her website to learn more about securing funding and growing their businesses.

Highlights

Noelle shares a step-by-step process for securing business funding for startups.

She emphasizes the importance of not starting a business without considering funding first.

Noelle reveals insider tips on common mistakes to avoid and reasons why businesses fail.

She introduces three secret places to get business funding that most people are unaware of.

Benefits of entrepreneurship include time freedom and the ability to choose clients and work conditions.

Noelle's personal journey from a corporate job to a successful entrepreneur and mentor.

The necessity of having a legitimate business setup for funding purposes, including registration and EIN.

Building business credit in the company's name instead of relying on personal credit or savings.

The advantage of having a professional website and email for business legitimacy.

Noelle explains how to unlock business funding by meeting minimum business setup requirements.

The potential of getting business credit cards on the spot when opening a business checking account.

The importance of making regular deposits into the business checking account to show revenue.

Noelle introduces Accion.org as a community development institution that funds startups and diverse businesses.

Five-Star Processing as a merchant processing company that offers business credit to startups with low credit scores.

Noelle provides a free training course and resources for entrepreneurs at noellesfreetraining.com.

The course includes an hour-long training on steps to get free marketing and leads for a business.

Transcripts

How to get startup funding for a small business?  Are you at the beginning of your big business  

journey? Are you at the beginning with no leads,  no contacts and no profits but you need money to  

really get your thing going? Well, you've  stumbled across the right video. I'm Noelle  

and I've taken tons of businesses from startup  all the way to multi-million dollar businesses.  

I'm going to show you exactly  how you can do it too. Let's go.  

I'm going to share with you a detailed  step-by-step process on how to get  

business funding even for startup. I know, you've  been told you can't. But I know that you can.  

I'm gonna share with you some insider tips on  what not to do and why most businesses fail.  

And I'm going to share with you 3 secret places  to get business funding (not banks) that most  

people don't even know about. So, let's talk about  all of the benefits of becoming an entrepreneur.  

I remember when I was wanting to be an  entrepreneur. I literally used to sit at my desk  

and wish that I could own my own time. I've told  you guys before I'm a real estate entrepreneur,  

I'm a mentor and I'm a mom of 5. But before that,  I was a corporate flunky. I used to either sit in  

a cubicle, sometimes I had a nice office.  But either way, I did not own my time and  

I was really lacking in the family department. I  was always picking my kids up late from daycare  

and I felt like they were actually at  daycare more than they were with me.  

I just remember wanting to be an entrepreneur and  wanting to start my own business but I really just  

didn't know how. Now that I am an entrepreneur  and I've transitioned from working full-time to  

being a full-time entrepreneur, I can tell you the  benefits are enormous. You get your time freedom.  

In other words, you get to own your own time. I  decide when it is I start working and when I stop  

working. There is no one to tell Noelle what to do  anymore. Only me. I get to pick my clients. Again,  

you get to decide the business that you want  to do. Some people create businesses and they  

hate their clients and they own their own job.  That's not what I'm talking about. You literally  

can create a business where you get to choose  your clients, choose when you work, choose where  

you work and choose how much you charge for what  you do. It's available and I'm going to tell you  

exactly how to do that. So, step one when it comes  to truly starting a business and getting funding  

is start there. Focus on getting funding. The  problem with most businesses is they start with  

thinking about the business too much. I'm  not saying that you're not going to think  

about your business, you shouldn't write out  your business plan or what you're going to do.  

But do not just stay there. Before you ever  really get into the business or quit your job,  

start thinking about where your funding is going  to come from. There's so many different ways to  

get funding and have all of the money that your  business needs to sustain you and your family year  

after year after year. If you start your business  and you focus on the funding first, you will be  

more successful than 90% of the businesses  out there. Let me tell you how to do that.  

So, the first thing that you want to do when you  are getting funding for your startup, you want to  

make sure that you have an actual business setup.  I'm sorry, but it's very hard to fund a business  

that's not a real business. So, go ahead and name  your business. Go ahead and register that business  

with the secretary of state. Either get that LLC  or a C-corp or an S-corp. Whichever entity that  

you want to but make sure that people can find  you on the secretary of state so that it's a real  

business. Additionally, get the EIN number, get  a professional phone number, get a professional  

email and get a professional website. Doing just  those minimum things which I have students that  

have done that in one day is going to unlock  business funding. This way you can start to  

build business credit in your business's name and  not have to rely on your personal credit or your  

savings to fund your business. If you do these  steps, literally, there's tons of banks, lenders  

all kinds of people --angel investors that will  lend you money for your business. But people will  

not lend to a business that's not a real business.  So, don't just take the cheap way and try to do a  

DBA or make a logo without having a real business.  Go ahead and follow those steps that I gave you  

so that your business can get real funding real  fast. So, now that you have your business set up  

and you understand why, let me tell you about some  hidden places that you can get business funding  

as a startup. The first thing that you want to  do and make sure that you have, like I said,  

those minimum things is you're going to need a  business checking account. A lot of times when  

you go to get a business checking account, we  are historic times. There has been more money  

available for businesses than ever before in  history. I have students that are going to get  

business checking accounts and they are getting  offered business credit cards right on the spot.  

That's one. Another thing that you want to do and  this is completely free. Set up a paypal business  

account, a square business account and go ahead  and start putting it through some transactions.  

You want to also make sure you're making regular  deposits into your business checking account  

because there's tons of lenders that will start  to lend to your business with 3 months of business  

checking account statements. So, all you have to  do especially if you have a job is start putting  

some money into your business checking account  so that you can show some income and some revenue  

into your business. You don't want to do anything  unethical but you want to start showing that your  

business is making money and you are investing in  your business. Most people will not invest in your  

business if you haven't invested first. Another  hidden secret and this is top top secret is,  

there's 2 new lenders out there that  are lending to people that are startups  

and to people that may have some trouble credit.  One of them is accion. That's accion.org.  

They are a community development institution. That  means they are funding small businesses, startups  

mostly for minorities, women, veteran, disabled  people and things like that. However, they have  

funding for all types of businesses especially  startups. That's secret number 1. Secret number  

2 is a company called five-star processing. They  do merchant processing. Very similar to PayPal  

and Square.where it will allow you to take credit  cards for your business. Once you get that account  

set up, again, you can have a credit score as low  as 300. I'm going to put a link below for you. You  

can go ahead and click that link and they will get  you set up and they will give you business credit  

as a startup. So, now that you know exactly  how to get funding for your startup business,  

go ahead and get a full training that I've  created for you. Go to noellesfreetraining.com.  

I've created an entire course, it's about an  hour-long just for you. Again, it's completely  

free and it will teach you all of what I did,  all of the steps, all of the places to look,  

all of the ways to get free marketing and leads  for your business so you can start making profits  

quickly. Again noellesfreetraining.com. I want to  make sure you have all of the resources, all the  

tools, and all of the knowledge that you need to  be successful. This is Noelle, to your success.